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Oooh, thorny!
Of course, you could take it that this is supposedly Bilbo's story and what to him might have looked positively suicidal may not have been so to Gandalf. They are Maiar, just clothed in the bodies of 'old men' and we already know just how strong he is from his various fights in Lord of the Rings. So this could just be Bilbo's perception of the incident.
And the other interpretation is that Gandalf may well have known the Eagles were coming. He climbed to the top of the tree after all, and the light he conjoured up could actually have been a signal.
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Gordon's alive!
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